This resolution establishes the Loan Fund, puts it under the Financial Secretary, and allows fund moneys to be spent, invested, or transferred as specified.
Loan Fund Resolution of the Legislative Council (Format changes—E.R. 1 of 2017) Resolution made and passed by the Legislative Council under section 29 of the Public Finance Ordinance on 14 March 1990. Resolved that with effect from 1 April 1990—1. there shall be established a fund to be called the Loan Fund;2. the Fund shall be administered by the Financial Secretary who may delegate his power of administration to other public officers;3. there shall be credited to the Fund—(a) all the assets of the Student Loan Fund including any outstanding balances as at 31 March 1990;(b) all the outstanding balances as at 31 March 1990, in respect of the loans and advances made from the Development Loan Fund specified in Part I of the Schedule;(c) all the outstanding balances as at 31 March 1990, in respect of the loans made from the general revenue specified in Part II of the Schedule;(d) such appropriations from the general revenue as may be approved by the Legislative Council for the purpose of the Fund;(e) all sums received by way of repayment of—(i) any loan made from the Student Loan Fund;(ii) any loan or advance specified in the Schedule;(iii) any loan or advance made from the Fund under paragraph 6;(f) all sums received by way of interest or dividend on—(i) any loan made from the Student Loan Fund;(ii) any loan or advance specified in the Schedule;(iii) any loan or advance made from the Fund under paragraph 6;(iv) any sum invested under paragraph 8;(g) all sums received from the sale or other disposal of all or part of any investment made under paragraph 8;(h) all such other sums as may be received for the purpose of the Fund;4. the Fund shall assume—(a) all the deposits of the Student Loan Fund as at 31 March 1990; and(b) all the deposits of the Development Loan Fund as at 31 March 1990;5. the Fund shall assume—(a) all the liabilities of the Student Loan Fund in respect of schemes approved by the Finance Committee as at 31 March 1990 for the purpose of granting loans to students out of the Student Loan Fund;(b) all the liabilities of the Development Loan Fund in respect of schemes approved by the Finance Committee as at 31 March 1990 for the purpose of financing loans and advances out of the Development Loan Fund; and(c) all the liabilities of the general revenue in respect of schemes approved by the Finance Committee as at 31 March 1990 in respect of the loans specified in Part II of the Schedule;6. the Financial Secretary may expend moneys from the Fund for the purpose of—(a) meeting the liabilities in respect of deposits assumed under paragraph 4 and the liabilities assumed under paragraph 5 under terms and conditions already approved by the Finance Committee as at 31 March 1990; and(b) granting loans and advances to such persons as may be approved by the Finance Committee, in accordance with such terms and conditions as may be specified by the Finance Committee;7. the Director of Accounting Services shall, under the authority of a funds warrant issued by the Financial Secretary, pay from the Fund such sums as may be required to meet expenditure from the Fund;8. the Financial Secretary may, in his discretion, authorize the investment of moneys forming the unexpended balance held in the Fund at any time in interest bearing securities in such manner as he may determine;9. the Financial Secretary may from time to time transfer from the Fund to the general revenue any balance held in the Fund which is not in his opinion reasonably required for the purpose of the Fund;10. the Student Loan Fund shall be closed. Schedule Part I [paragraph 3(b)]Loans and Advances from Development Loan Fund Credited to the Fund 1. Loans—(a) Hong Kong Housing Society—loan for urban development and urban improvement schemes and construction of rural public housing estates.(b) Local government officers—loans to members of co-operative building societies and underlessees of Government-built housing schemes.(c) Hong Kong Settlers Housing Corporation Limited—housing loans.(d) Housing assistance for civil servants—downpayment loans and housing loans.(e) Loans to schools.(f) Fisheries loans.(g) Kadoorie Agricultural Aid Loan Fund—Livestock Waste Control Scheme.(h) Tai Po Industrial Estate Loan.(i) Yuen Long Industrial Estate Loan.(j) Tai Po and Yuen Long Industrial Estate Loan.(k) Land Development Corporation—loan for financing the establishment of the Corporation.(l) Hong Kong Productivity Council—loan for construction of a special purpose building.(m) Hong Kong Cricket Club—Club house and facilities.(n) Regional Council—loan for construction of Regional Council Chambers.(o) Regional Council—loan for construction of Regional Services Department headquarters building.2. Advances—Hong Kong Productivity Council—Advance in respect of interest accrued. Part II [paragraphs 3(c) & 5(c)]Loans and Advances from Development Loan Fund Credited to the Fund 1. Interest-free loans to teachers in training.2. Loan to the Tung Wah Group of Hospitals.3. Interest-free loan to The Hong Kong Design Innovation Company Limited.